Daiwa Securities Group Inc. Reduces Holdings in Shopify Inc. (NYSE:SHOP)

Daiwa Securities Group Inc. trimmed its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 43.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,270 shares of the software maker’s stock after selling 975 shares during the period. Daiwa Securities Group Inc.’s holdings in Shopify were worth $135,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Jennison Associates LLC purchased a new position in Shopify during the 4th quarter worth $132,323,000. Watts Gwilliam & Co. LLC grew its holdings in shares of Shopify by 53.0% during the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after buying an additional 4,641 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its position in Shopify by 29.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after acquiring an additional 77,500 shares during the period. Wahed Invest LLC increased its position in Shopify by 18.4% in the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock valued at $4,618,000 after acquiring an additional 8,960 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in Shopify during the 3rd quarter valued at approximately $33,676,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several analyst reports. UBS Group lifted their target price on Shopify from $110.00 to $125.00 and gave the company a “neutral” rating in a research note on Wednesday, February 12th. Wedbush reiterated an “outperform” rating and issued a $125.00 price objective on shares of Shopify in a research report on Tuesday, February 11th. JMP Securities restated a “market outperform” rating and set a $120.00 price objective on shares of Shopify in a research report on Thursday, December 12th. The Goldman Sachs Group lifted their target price on shares of Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Finally, Robert W. Baird increased their price target on shares of Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average price target of $126.31.

Shopify Trading Up 2.0 %

Shares of SHOP stock opened at $96.78 on Tuesday. The firm has a 50-day moving average price of $110.53 and a 200 day moving average price of $98.94. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The company has a market capitalization of $125.31 billion, a price-to-earnings ratio of 62.44, a PEG ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. As a group, research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

Shopify Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.